[CryptoQuant: Bitcoin Bull Market Enters Mature Stage, Peak May Appear Between October and November] According to CryptoQuant analyst Axel Adler Jr., it has been 504 days since the last Bitcoin halving, and the current market is in the mature stage of a bull market. In this cycle, Bitcoin's price reached an extreme Value Days Destroyed (VDD) peak in March when it hit $70,000. Subsequently, two moderate distribution waves occurred near $98,000 and $117,000, but they did not reach the extreme levels seen in March. This segmented selling behavior by long-term holders (LTH) indicates that market redistribution is more sustainable due to institutional demand. The final determination of the cycle peak requires the appearance of the "Peak Flag" indicator, which is typically triggered when the spot price is approximately 11 times the realized price of long-term holders. This is expected to occur as early as October to November 2025. Meanwhile, attention should be paid to large-scale spending waves by experienced holders and the emergence of short-term volatility peaks.